In a remarkable recovery from the pandemic lockdown, the Maharashtra Real Estate Regulatory Authority (MahaRERA) reported the completion of an unprecedented 3,927 housing projects in 2023. This is a significant increase compared to the 1,749 projects completed in 2022.
This year, Konkan Division, which also includes Mumbai and its suburbs led the state with 1,552 completed projects. The Pune Division followed closely with 1,372 projects. The Nashik and Nagpur Divisions reported the completion of 500 and 318 projects, respectively.
Maharashtra saw the completion of over 2,000 housing projects annually in the years from 2019 to 2021. The numbers were 2,232 in 2019, 2,573 in 2020, and 2,326 in 2021. However, the COVID-19 pandemic severely impacted the real estate industry in 2022, resulting in the completion of only 1,749 projects.
The real estate sector faced a setback in 2022 due to the pandemic, with only 1,749 projects reaching completion. The regional breakdown for 2022 was as follows:
Konkan: 780
Pune: 583
Nashik: 210
Nagpur: 74
MahaRERA, under the leadership of Chairman Ajoy Mehta, is taking steps to ensure the timely completion of housing projects and safeguard home buyers' investments. The regulatory body has set up a micro-monitoring cell to oversee ongoing projects. It also insists on quarterly progress reports (QPRs) to detect any delays in project timelines.
To prevent any hindrances in project completion, MahaRERA has initiated a stringent inspection process involving legal, financial, and technical scrutiny at the time of registration application submission.
Since its inception in 2017, MahaRERA has played a crucial role in overseeing the development of housing projects across the state.
The annual breakdown of completed projects since 2017 is as follows:
2017 - 404
2018 - 1,595
2019 - 2,232
2020 - 2,573
2021 - 2,326
2022: 1,749
2023: 3,927
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